Cantor Fitzgerald analyst Brian White issued an interesting research note late yesterday, offering up insight on Apple’s future product plans. White claims that after meeting with a component supplier, he has a much better idea of what to expect out of Cupertino.

On the iPhone front, the analyst echoes his colleagues, saying that he is ‘very confident’ that 2014 will be the year of the larger iPhone—and for what it’s worth, he’s saying 5-inches. But his most interesting comments are in regards to the oft-rumored iWatch project…

“Our contact also discussed the ‘iWatch.’ Although thoughts around the ‘iWatch’ have been widely covered by the media, this potential device has yet to be launched, and the use case discussions have been rather rudimentary.

As an Apple supplier, our contact offered insight into the ‘iWatch’ and described this potential new device as much more than an extension of your iPhone but as a multi-purpose gateway in allowing consumers to control their home (i.e., heating/cooling, lights, audio, video, etc.). We found this discussion interesting as it opened our eyes to why the ‘iWatch’ has the potential to appeal to a much broader audience of consumers than just another mobile device.”

It’s worth noting here that White has a rather spotty record when it comes to Apple intel. Keep in mind that this is the same guy who called for the iRing, a motion controller you wear on your finger to control your Apple TV—something we’ve yet to hear anywhere else.

But if we pretend for a moment that he could be correct, then the iWatch would be much more than just an iPhone accessory. Imagine being able to control your thermostat with a swipe across your wrist, or set your lights to turn on/off when you walk in/out of a room.

Admittedly, the idea seems rather far-fetched for a device that has, up until now, been described as a fitness tracker, but still it could be possible. I’m reminded of reports from last year that Apple was named a potential buyer of home media and automation startup R2 Studios.

At any rate, everything we’ve heard about the so-called iWatch up until now has suggested that the device will run on a version of iOS, and feature a 1-2-inch curved display, built-in Siri capabilities, and more. And most reports point to a launch sometime late next year.